Top Dem Wants Clear Regulator For Triparty Repo Market

Law360, New York (August 2, 2012, 12:55 PM EDT) -- Democratic Sen. Jack Reed said Thursday that federal regulators needed to determine which agency was responsible for monitoring the triparty repo market, given the key place the short-term funding mechanism occupies in the financial system.

At a Senate Banking Committee subcommittee hearing, the senator from Illinois asked a Federal Reserve Board representative whether the Federal Reserve Bank of New York, the Federal Reserve’s board of governors or the U.S. Securities and Exchange Commission was the primary regulator for the triparty repo market on a day-to-day basis....